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25/07/14
10:38
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Originally posted by freida
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Centrebridge bought continuously up to yesterday,when they interpreted that they should,for the first time,give ASX a ssh NOTICE.
Its a better than even chance that they are in there buying as 12.7% is a moderate holding by my measurement of what a hedge fund might want if you take the view that BLY regards them as a hostile party and one they would prefer not to have on their register.
Be careful- the ratio of declared buyers to declared sellers has gone back to 1 to 3 and my gut feeling is that some of those "different" buyers are likely to be Centrebridge who will want to get to a "negotiating %" asap.
I don't think BLY are in control of BLY,and haven't been so for a while.
The perils of far too much debt.
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Centrebridge is gambling at this stage just like any other punters. I agree with you that 12.7% is just a controlling stake for negotiation with any TO party...
Spend US$10mil to get a controlling trump card is an acceptable risk for the leverage play in this case..
Last edited by
ML173 :
25/07/14